EFCC, INTERPOL Launch Probe into ₦1.3tn CryptoBank Exchange CBEX Scam as Thousands of Investors Lose Funds in Sudden Platform Collapse
Thousands of investors stranded as popular digital investment platform collapses. The Economic and Financial Crimes Commission (EFCC) has commenced a full-scale investigation into the alleged ₦1.3 trillion fraud involving CryptoBank Exchange (CBEX), a digital investment platform that has abruptly shut down, leaving thousands of Nigerian and foreign investors in financial limbo.
CBEX, which promised investors 100 per cent returns within 30 days through cryptocurrency and online trading, reportedly collapsed on Monday, April 14, 2025. The platform, operated by foreign nationals in collaboration with Nigerian partners, is now under intense scrutiny following widespread reports of financial losses.
EFCC spokesperson, Dele Oyewale, confirmed on Tuesday that the commission was already monitoring the activities of CBEX prior to its sudden shutdown. He revealed that the agency is now working with the International Criminal Police Organisation (INTERPOL) to trace the foreign operators involved in the massive scheme. “We had our intelligence before the incident,” Oyewale said. “We were already working on it, but now that the scheme has collapsed, the major actors and their collaborators will be brought in. We are on the local collaborators while we partner with INTERPOL to trace the foreign operators.”
Oyewale stressed that EFCC is committed to recovering stolen funds and prosecuting those responsible. He also disclosed that the agency is investigating several other Ponzi schemes currently operating in Nigeria.
The crash of CBEX, which claimed to operate with advanced AI-driven trading strategies, came after the platform began restricting withdrawals on April 9. Investors were shocked to discover their account balances had been wiped out. In a bizarre twist, the platform asked users to deposit a minimum of $100 to verify their accounts before withdrawals could be processed.
According to unconfirmed estimates, investors lost approximately $847 million (₦1.3 trillion) in digital currency, mostly in USDT (Tether). The figure is expected to rise as more victims come forward.
In Ibadan, Oyo State, angry investors stormed the CBEX office located in the Oke Ado area, forcing their way into the building and making away with office furniture and equipment. Security operatives from the Nigeria Police Force and the Western Nigeria Security Network (Amotekun) were quickly deployed to prevent a breakdown of law and order.
In Abuja, CBEX’s Jahi office was under lock and key when reporters visited on Tuesday. A private security guard stationed at the gate said staff had been instructed not to report to work for fear of violent retaliation from aggrieved investors. “They told us to lock the gate and stop anyone from entering,” the guard said. “People have been coming, but we’re not allowing anyone in.”
Meanwhile, several victims have taken to social media to share their experiences. A woman lamented losing her $1,000 wedding savings. Another investor disclosed her brother had used his school fees to invest in the platform, and now cannot face their parents. “I invested over $10,000,” said one victim who spoke anonymously. “I was introduced by a friend and convinced by the profits she showed me. This has been a nightmare.”
Another investor said he introduced three friends to the platform, who invested a combined $8,000, although his own $100 was also trapped. “I feel guilty. I don’t know how to tell them,” he said.
The Securities and Exchange Commission (SEC) recently warned Nigerians to steer clear of unregistered online investment platforms. Under the new Investment and Securities Act 2025, which was signed into law by President Bola Tinubu, it is now a criminal offence for any entity to offer online forex or crypto trading services without proper registration with the SEC.
SEC Director-General, Dr. Emomotimi Agama, described the law as a landmark reform to ensure investor protection and regulate digital financial markets. “It is now illegal for any entity not registered with the Commission to offer these services. We encourage potential investors to verify the legitimacy of any platform before committing funds,” he stated.
In March, the EFCC released a list of 58 companies involved in similar illegal schemes. Some have already been prosecuted and convicted, while others are still under investigation. Companies listed include Wales Kingdom Capital, Bethseida Group, AQM Capital, and Farmforte Limited, among others.
EFCC said the companies lured investors with promises of fast profits in agriculture, real estate, and forex trading but operated without licenses and defrauded the public. “We urge Nigerians to verify any investment opportunity with the CBN and SEC before engaging,” Oyewale reiterated. “The EFCC remains committed to safeguarding the public from fraudulent operators.”
Financial experts have linked the CBEX saga to a broader pattern of investor greed and lack of due diligence.
Financial educator Kelechi Godfrey said, “Too many people are chasing unrealistic returns without doing their homework. A legitimate platform won’t force users to refer others or demand more deposits to unlock funds.”
Investment banker Segun Aremu echoed these concerns, noting that Nigerians often overlook their risk appetite. “If you’re saving for school fees, you don’t put that into a high-risk venture. When you hear 100 per cent returns in 30 days, just know that your money is at risk.”
As investigations continue, the EFCC is urging all victims of CBEX and similar scams to come forward and file complaints. The commission has assured that where possible, efforts will be made to recover stolen funds and bring perpetrators to justice.
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